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FCMO.TO - Fidelity U.S. Momentum ETF

FCMO tracks the Fidelity Canada U.S. Momentum Index: a rules-based, single-factor sleeve that tilts a 100-stock portfolio toward U.S. large caps exhibiting strong positive momentum signals, rebalanced quarterly.

Equity Efficiency:A+Capital Efficiency grades how well this ETF delivers equity-side returns relative to the capital and beta it uses, with SPY as the B baseline. Leveraged ETFs score higher when they free up capital for an alpha sleeve. Long/short and factor ETFs are graded on excess return versus SPY, net of costs. FCMO tracks the Fidelity Canada U.S. Momentum Index: 100 U.S. large-cap names ranked on positive momentum signals, quarterly rebalanced. Capital efficiency grades the sleeve versus a CAD-hedged S&P 500 proxy (XSP.TO).

FCMO / FCMO-U price history

Range
+36.63%
Total return (1Y)
FCMO.TO

Total return (Yahoo adjusted close—dividends and splits per Yahoo), normalized to $10,000 at first available trade date. Educational only.

Strategy

The index selects and weights U.S. large-cap names scoring highest on proprietary momentum signals developed by Fidelity Product Services. Quarterly rebalancing captures medium-term trend persistence while limiting turnover; at 100 holdings the portfolio is concentrated enough that sector-level momentum tilts dominate cap-weight differences.

Momentum factor funds rotate hard when leadership shifts: expect above-average concentration in whatever sector drove the prior quarter, plus sharp reversals when macro catalysts cause rapid re-rankings. Geode Capital Management (sub-advisor) runs the index implementation with its $1.9 trillion systematic execution infrastructure.

Manager and Issuer Pedigree

Fidelity Investments Canada is the domestic arm of Fidelity, one of the world's largest privately held asset managers. Fidelity Canada manages around $380 billion (April 2026), giving it institutional distribution reach and deep ETF operational infrastructure in the Canadian market.

The portfolio manager is Geode Capital Management, the systematic asset manager spun out of Fidelity in 2001 that now manages $1.9 trillion in AUM (March 2026) across equity indices, options, and systematic strategies. Geode's mandate here is efficient index implementation, not discretionary stock selection.

Outperformance

Outperforms when price trends persist across U.S. equity sectors: strong-momentum names keep outrunning laggards through earnings cycles and macro follow-through, particularly in trending tech or energy leadership environments.

Underperforms in sharp reversals or factor rotations where last quarter's leaders become this quarter's crowded exits; favorable tape is one-directional sector leadership, not the abrupt rotation where momentum's exposure becomes its biggest liability.

Similar ETFs

TickerNameScoreMERAUM
FCMOFidelity U.S. Momentum ETFA+0.38%~$2.2B CAD
FCCMFidelity Canadian Momentum ETFA+0.38%~$1.1B CAD

Official ETF page

Read the official ETF page for current NAV, holdings, and documents: Fidelity Canada (FCMO).

Beta and MER may not be accurate.
Educational content only; not investment advice. Past performance does not guarantee future results.